|Real Estate Blog
You spent time binging on HGTV, and now visions of shiplap accent walls
and freestanding soaking tubs are dancing through your head.
Don’t let your desire to upgrade your home downgrade your home’s market
value. Before you make a renovation fantasy a reality, consider whether the
project will pay off when you’re ready to sell. Plenty of home improvements
add value, but others — like these five — can hurt it.
Not all HGTV-inspired renovations are created equal.
Over the next few weeks we will go over:
Five home improvements that may not pay off
when you sell your home
March 16, 2020
A chef-quality kitchen
If you love to cook, a high-end kitchen could be the ultimate gift — for you.
But if you think a massive overhaul will majorly impact resale value, you
might be in for a surprise. An upscale kitchen renovation recoups on average
just 54% of its cost in added value. If you do marble countertops and high-
end appliances, you could spend $100,000, and it doesn’t necessarily mean
your house is worth an extra $100,000.
Smaller kitchen upgrades could yield a bigger payoff. To maximize on value
added, try too keep updates reasonable:
Think granite rather than marble, and GE instead of Sub-Zero.
March 23, 2020
A bold statement wall can say the wrong thing to potential buyers if the
workmanship is questionable. Streaky, chipped or low-quality paint can
knock $1,700 off a home’s sale price, according to Opendoor data that
looked at home offers made from June 2018 to June 2019.
A good paint job is not easy. It is all in the prep work, and most people don’t
want to do the prep work. Hiring a professional to paint can help ensure a
more attractive result.
March 30, 2020
An expanded master suite
Knocking down a wall to create an oversize master bedroom or stealing
closet space to build out a spa-style bathroom may sound dreamy. But how
about as a selling point? “If you go from five bedrooms to four, and you can
make it work, no big deal,” Arienti says. But he cautions that losing a
bedroom in a smaller house could mean a lower selling price.
As for cutting into closet space, residential building codes don’t mandate that
bedrooms have closets. But, Arienti says, “Once you take the closet out of a
bedroom, to a buyer, that no longer looks like a bedroom.”